Insider Economy Confusion over Provident Funds harmonisation bill

Confusion over Provident Funds harmonisation bill

Despite behind-the-scenes talks aiming to amend the harmonisation bill on the regulation of Provident Funds in Cyprus, it looks like the original text with a controversial provision included will be sent to the House plenary for a vote on Friday, January 31.

This is what Phileleftheros reports citing informed sources.

Labour Minister Zeta Emilianidou and Finance Minister Constantinos Petrides had jointly prepared amendments so as to overpass strong reaction by employers against  the provision for a mandatory imposition of Provident Fund for all employees at companies which already provide this benefit.

However, the House Labour Committee on Tuesday decided behind closed doors to go ahead with the original text. Specifically, MPs will be called to take a stand before the plenary on the original text and any parliamentary group objecting to it should table it sown amendments.  Parliamentary parties have ten days to decide on their position.

Opposition parties Akel, Edek and Diko have come in favour of the mandatory provision. Ruling Disy has differentiated itself from the government, however, slamming the provision as coming out of nowhere.

However, this provision is a major issue that needs to be debated and the Labour Minister believes it should be presented again at a later stage after relevant regulations and directives are prepared, Phileleftheros also reports.

Emilianidou has made clear that she is determined to go ahead with the added proposals saying that social partners should acknowledge the government’s commitment to strengthening the institution of provident funds.

She strongly believes these are a backup to much-needed retirement benefits.


Read more:









Top Stories

Trump’s push to reopen schools part of bid to boost suburban standing

President Donald Trump's demand for U.S. schools to fully reopen this fall amid the coronavirus pandemic is central to an emerging re-election strategy that...

Pope ‘very pained’ by decision to turn Hagia Sophia museum into mosque

  Pope Francis said on Sunday he was hurt by Turkey's decision to make Istanbul's Hagia Sophia museum a mosque, the latest religious leader to...

Paphos: 7 injured in traffic collision

  Seven people have been taken to hospital after a collision between two cars that occurred on the Droushia-Latchi road a little after 1 pm...

11 of 18 latest coronavirus cases imported (infographics)

    Eleven of the 18 new coronavirus cases reported in the 14 days of June 26 to July 9 are imported and 89% of them...

Britain to spend 705 mln pounds on EU border infrastructure

    Britain will spend 705 million pounds on border infrastructure to help keep trade flowing after its transition deal with the European Union expires at...


Kolokasi (Taro Root)

Ingredients: (Serves 4) 1 kg kolokasi (taro) root ½ kg pork (lean belly pork or shoulder) cut into large cubes 6 tbsp olive oil 1 head of fresh celery,...


Moungra is a traditional Cypriot mezze which consists in cauliflower pickled in fermented bread dough and typically served as an appetizer or meze. It...

Cheesy Eggplant Rolls

Ingredients 4 Eggplants 2 tbsp olive oil 1 chopped onion, 2 grated carrots 1 garlic clove (sliced) ¾ of the cup finely chopped canned tomato, ½ ts sugar 1 ts oregano 2 tbsp...

Black eyed peas with chard (Louvia me laxana)

Ingredients: 2 cups black eyed peas small lemon (juice) + 1 tsp lemon zest 1 bunch Cypriot chards olive oil & lemon for serving salt & pepper Method: Step 1 Put the...